Bundil Investment App Update | Shark Tank Season 10

Cryptocurrency was too complex for Dmitri Love’s family to use, with confusing processes like mining and blockchain making it hard for them to get started. To make crypto investing more accessible, he built Bundil, an app that rounds up spare change from purchases and invests it into digital coins like Bitcoin or Ethereum. With low entry costs and no technical know-how needed, Bundil makes crypto simple for anyone. Let’s see if his company can secure a deal in our Bundil update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Bundil after Shark Tank.

Dmitri entered Shark Tank Season 10, seeking $100,000 for 10% equity in his cryptocurrency investment app. After his pitch, he agreed to a deal of $100,000 for 50% equity with Kevin O’Leary.

In terms of a Bundil update, the company expanded its services by partnering with major banks and supporting more cryptocurrencies. However, Bundil struggled with user complaints about poor functionality and withdrawal issues. Sadly, in early 2023, Bundil officially shut down.

Shark	Result
Kevin O’Leary	Accepted offer of $100,000 for 50% equity
Matt Higgins	No offer
Lori Greiner	No offer
Daymond John	No offer
Mark Cuban	No offer

Shark Tank Bundil Pitch

• Entrepreneur: Dmitri Love
• Business: Cryptocurrency investment app
• Ask:  $100,000 for 10% equity
• Result: $100,000 for 50% equity
• Shark: Kevin O’Leary

Dmitri walked into Shark Tank, hoping to break down the barriers that keep most people from investing in cryptocurrency.

His app, Bundil, rounds up spare change from daily purchases and uses it to buy crypto, making the process effortless for beginners.

He sought an investment to grow his user base through marketing and roll out the Android and web versions of the app.

The idea is simple: each time a user buys something, Bundil rounds the amount up to the nearest dollar and puts the extra cents toward a cryptocurrency of their choice.

This approach removes the pressure of making large or risky investments, allowing users to grow their crypto portfolio over time with minimal effort.

However, Bundil takes care of all the technical parts behind the scenes. Once users connect their bank account and choose a coin, like Bitcoin, Ethereum, or Litecoin, the app handles the rest.

The app also integrates with major banks and Coinbase, which adds a layer of trust and convenience. Users don’t have to move funds around manually or worry about setting up separate crypto accounts.

Kevin O’Leary wanted to know how Bundil generates income. Dmitri explained that the app earns revenue through subscription fees paid by users.

Users pay $3 per month or $24 per year to access it.

However, Kevin raised a concern that many apps fail because their customer acquisition cost exceeds what a user brings in over time. He asked how Dmitri planned to attract and retain users.

Dmitri admitted he relied mostly on social media marketing. He had spent $1,000 on ads and brought in around 360 users, which brings his customer acquisition cost to $2.77 per user.

With these numbers, if each user opts for the annual plan ($24), Bundil makes about $21.23 profit per user annually, giving it an 88.5% profit margin per annual subscriber.

Lori Greiner eventually bowed out, saying she wasn’t comfortable investing in crypto, which she still saw as unpredictable.

Mark Cuban also stepped away. Although he liked supporting fellow Dallas entrepreneurs, he had already invested in ChangeEd, another spare-change app, and didn’t want to create a conflict.

Guest shark Matt Higgins believed that without intrinsic value, Bitcoin and similar tokens lacked long-term reliability. He also went out.

Daymond John soon followed, citing the unregulated and volatile nature of the crypto industry as his reason for passing.

At this point, Kevin offered $100,000, but for 50% of the company. Dmitri hesitated, asking if Kevin would be willing to invest more later if needed. Kevin agreed.

Ultimately, Dmitri accepted Kevin’s deal.

Do you think Dmitri found success following Shark Tank? Keep reading our Bundil update to find out.

Shark Tank Bundil Update

Our Bundil update found that it’s unclear whether the deal with Kevin O’Leary was finalized, as there is no public confirmation of its closure.

In the subsequent years, Bundil expanded its services by integrating with major banks and adding support for additional cryptocurrencies.

Despite these efforts, the company faced challenges, including customer complaints about app functionality and difficulties in withdrawing funds.

Ultimately, in early 2023, Dmitri announced on LinkedIn that he had shut down Bundil. He reflected on the experience, sharing lessons learned from the startup’s journey.

Following Bundil’s closure, Dmitri launched a new venture called Peas, an AI-driven financial planning app for couples and roommates.

Unfortunately, this will be our final Bundil update.

You can find the other company updates from Season 10 here:

• Soupergirl Update
• Beyond Sushi Update
• Cup Board Pro Update

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.